摘要
在中国现有的商业银行贷款期限结构错配及不完善的债券市场约束条件下,众多企业无法解决债务期限错配的困境。中国企业发生流动性危机而最终破产,究其原因是其采取的"期限错配"经营模式所引致的流动性风险未被正确地定价并进行补偿。我们基于商业银行利差决定模型和"中国企业宏观数据及央行1000户破产企业问卷调查数据",对企业期限错配的内在机理进行分析,并在模型推导结论的基础上,构建用于度量企业期限错配的相关代理指标进行实证研究。从理论和实证的方法探讨了企业期限错配的机理和破产企业遭遇财务危机的内在原因——期限错配,并对如何解决银企贷款期限错配的危害性提出了相应的合理化纠错策略。
In the constraints of China＇ s current commercial bank loan term structure mismatch and imperfect bond market, many companies cannot solve the plight of the debt maturity mismatch. At present, the reason that China＇ s enterprises have problems in liq- uidity crisis and are bankrupt finally is that the liquidity risk caused by their adopting the term mismatch business model has not been properly priced and compensated. Based on commercial banks ＇ interest margins determination model and ＂China enterprise macroe- conomic data and central bank 1000 bankrupt enterprises survey data＂, the paper analyzes the intrinsic mechanism of enterprise term mismatch, and makes an empirical study on related proxy indexes of measuring enterprise term mismatch on the basis of the model conclusion. The paper theoretically and empirically discusses the mechanism of enterprise term mismatch and the internal cause of the financial crisis of bankrupt enterprises, and proposes the corresponding rational error correction strategy on how to solve the harm problem of the mismatch between enterprises and banks.
出处
《西部金融》
2017年第2期8-15,20,共9页
West China Finance
关键词
期限错配
利差决定模型
期限结构
term mismatch
interest margins determination model
term structure
